Considering that REITs seems not be affected this year so far I believe that is about to change. It might be a just a small pull back and the prices can still be sustained for at least a year. However, the main principle is that upside is bigger than the downside if you are short Real Estate. In addition, REITs are risk averse for the most part, so the profit/loss exposure can be reduced.
Anyway, another point is if you look at Housing Bubble in US, one of the first signs of bursting it was the REIT falling apart before anything else.
Considering technical, TD sequential continues to be towards lower prices. Also, 7 week MA started to point down
Looking forward 2nd target in the next 3 to 5 weeks.
By the way, I was using Questrade, so I DO NOT RECOMMEND them as a broker because of things like that. So just as as statement if someone else finds this post:
Questrade frequently covers your short positions automatically, they do not give you time for you to buy back so they buy-in in your behalf.